Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-0.19%
trims when stocks drop
when a holding falls −10%+
Middle response
-0.20%
baseline attrition
Rally response
-0.72%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| MOG-AMoog Inc. | $543M | 2.2% | — | 10.5 yr |
| FORMFormFactor, Inc. | $473M | 1.9% | +242.8% | 8.0 yr |
| RGAReinsurance Group of Ame | $463M | 1.9% | +5.6% | 10.5 yr |
| WWDWoodward, Inc. | $462M | 1.9% | +97.0% | 10.5 yr |
| GATXGATX Corporation | $447M | 1.8% | +11.6% | 10.5 yr |
| FCFSFirstCash Holdings, Inc | $406M | 1.7% | +58.0% | 4.5 yr |
| AEISAdvanced Energy Industri | $396M | 1.6% | +239.4% | 10.5 yr |
| CBRECBRE Group, Inc. | $396M | 1.6% | +3.6% | 10.5 yr |
| HXLHexcel Corporation | $381M | 1.6% | +49.4% | 10.5 yr |
| AROCArchrock, Inc. | $340M | 1.4% | +36.9% | 8.3 yr |
| SNASnap-on Incorporated | $335M | 1.4% | +10.7% | 10.5 yr |
| RJFRaymond James Financial, | $322M | 1.3% | +5.2% | 10.5 yr |
| HLIHoulihan Lokey, Inc. | $320M | 1.3% | -9.9% | 8.0 yr |
| RRyder System, Inc. | $311M | 1.3% | +45.2% | 10.5 yr |
| HIIHuntington Ingalls Indus | $309M | 1.3% | +89.7% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Aerospace & Defense7.9%+2.0pp$1.91B
Banks - Regional7.2%-1.4pp$1.74B
Semiconductors6.7%+2.4pp$1.63B
Hardware, Equipment & Parts4.9%+1.2pp$1.20B
Industrial - Machinery4.7%-0.2pp$1.14B
Financial - Capital Markets3.8%-1.3pp$930M
Software - Infrastructure3.3%+0.4pp$790M
Rental & Leasing Services3.1%-1.0pp$758M
Electrical Equipment & Parts3.1%+1.5pp$753M
Insurance - Reinsurance2.9%-0.5pp$708M
Country
US90.0%-1.5pp
Unknown2.3%+1.4pp
BM1.0%-0.1pp
BR0.9%+0.3pp
IN0.7%-0.3pp
NO0.7%+0.3pp
SG0.7%+0.1pp
CL0.7%+0.5pp
Top 5: 9.8% · Top 10: 17.8% · Top 25: 34.9%
Top buys this quarter · 15
| SF Stifel Financial Corp. | +$273M |
| DAKT Daktronics, Inc.new | +$62M |
| CASH Pathward Financial, Inc.new | +$51M |
| TNET TriNet Group, Inc. | +$25M |
| EME EMCOR Group, Inc. | +$17M |
| J Jacobs Solutions Inc. | +$13M |
| NSP Insperity, Inc. | +$56M |
| WIX Wix.com Ltd. | +$9M |
| GRC The Gorman-Rupp Companynew | +$6M |
| WWW Wolverine World Wide, Inc. | +$57M |
Top sells this quarter · 15
| FORM FormFactor, Inc. | −$322M |
| WBS Webster Financial Corporation | −$63M |
| AEIS Advanced Energy Industries, In | −$295M |
| PNFP Pinnacle Financial Partners, Iexit | −$48M |
| CBRE CBRE Group, Inc. | −$22M |
| WWD Woodward, Inc. | −$407M |
| HXL Hexcel Corporation | −$365M |
| FLEX Flex Ltd. | −$16M |
| AMKR Amkor Technology, Inc. | −$150M |
| GATX GATX Corporation | −$15M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $24.25B | 295 | +23.72% | +17.59% | +6.13% | -0.85B |
| 2025-12-31 | $23.34B | 298 | +8.84% | +17.72% | -8.88% | -0.33B |
| 2025-09-30 | $23.05B | 288 | +3.34% | +17.52% | -14.18% | -0.51B |
| 2025-06-30 | $22.18B | 292 | +5.26% | +14.94% | -9.68% | +0.16B |
| 2025-03-31 | $20.88B | 288 | -3.96% | +8.30% | -12.26% | -0.29B |
| 2024-12-31 | $22.38B | 290 | +6.60% | +24.89% | -18.29% | -0.01B |
| 2024-09-30 | $22.97B | 287 | +22.28% | +36.04% | -13.75% | -0.18B |
| 2024-06-30 | $21.39B | 281 | +7.81% | +24.49% | -16.68% | +0.37B |
| 2024-03-31 | $21.84B | 284 | +16.94% | +29.62% | -12.68% | +0.81B |
| 2023-12-31 | $20.03B | 287 | +16.20% | +26.18% | -9.98% | +0.64B |
| 2023-09-30 | $17.34B | 1160 | +13.41% | +21.57% | -8.16% | +0.27B |
| 2023-06-30 | $17.89B | 1175 | +14.98% | +19.42% | -4.45% | -0.16B |
| 2023-03-31 | $17.29B | 1171 | -7.30% | -7.82% | +0.51% | +0.26B |
| 2022-12-31 | $16.32B | 1174 | +9.14% | +7.56% | +1.58% | +0.07B |
| 2022-09-30 | $14.89B | 1119 | -3.29% | -4.93% | +1.64% | +0.37B |
| 2022-06-30 | $15.01B | 1141 | -15.84% | -16.11% | +0.27% | +0.80B |